Plug Power's Shares Soar on Wal-Mart Fuel-Cell Deal

Shares of Plug Power Inc., the supplier of fuel cells for electric forklifts that’s doubled in market value this year, surged the most in two weeks after announcing an order from Wal-Mart Stores Inc.

Plug Power increased 13 percent to $4.41 at Wednesday's close in New York, the biggest increase since Feb. 10, when the order was initially announced without identifying the customer. The shares were trading at 11.8 cents a year ago.

Wal-Mart, the world’s biggest retailer, will use more than 1,700 hydrogen fuel cell systems at six North American distribution centers, Latham, New York-based Plug said today in a statement. The deal also includes refueling equipment and a six-year service agreement.

Wal-Mart is already using 535 Plug systems at three sites in the U.S. and Canada. Plug announced an order from a “major North American retailer” on Feb. 10.